Cumbernauld Plant and Tool Hire Limited (SC158028): administration
- Status
- Administration ended
- Administration began
- 2016-09-06
- Administrators
- Brian William Milne, Eileen Blackburn
- Administrators' firm
- Quantuma
- Incorporated
- 1995-05-16
- Location
- Edinburgh
- Industry
- 77390 Renting and leasing of other machinery, equipment and tangible goods n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Weather / natural events
From the administrators' statement
The company was incorporated on 16 May 1995 and has its registered office at 27B Lenziemill Road, Cumbernauld, Glasgow, G67 2UE previously trading from 9A Glencryon Road, Cumbernautd. The company then traded at 13B, D & £ Glencryon Road, Cumbernauld. The company operated as a business renting and leasing of other machinery, equipment.
The company initially was successful but in 2008-2009 the company saw an increase in its bad debts.
The company supplied plant and equipment to contractors who were working on a major road project to upgrade the A80 to M80. Margins were tight for the company but there had been a high volume of supply of equipment to the contractors. The company suffered financially as a result of bad weather and the major road project being suspended, which meant equipment was left onsite and the company had no income. This resulted in cash flow problems which led to the company seeking assistance from both Bibby Factoring Ltd and Aldermore invoice Finance Ltd.
Administrators' statement of proposals (2016-10-21) · Companies House register